Nigeria in 1min: Economic, Business & Financial Headlines – 120716

PROSHARE ECONOMY Nigeria Moves to 169 in World Bank’s Doing Business 2016 Ranking - In the World Bank’s Doing Business 2016, Nigeria has moved up one place to 169 out of 189 countries. This reflects badly on the largest economy in Africa and among the top 30 globally. Source Proshare Read More

Nigeria’s economy likely to shrink this year –IMF - Nigeria’s economy will most likely contract this year as energy shortages and the delayed budget weigh on output, the International Monetary Fund has said. Source Punch Read More

Insurance firms need to recapitalise— Adeosun - NINE years after the last recapitalisation exercise in the nation’s insurance industry, the Minister of Finance, Mrs. Kemi Adeosun, yesterday said that the sector was due for another round of recapitalisation following the need to reposition it. Source Vanguard Read More

FGN, UN , Sahara Group plan workshop to promote SDGs in Nigeria - Nigeria’s government, the United Nations and Sahara Group are set to host a private sector forum to create awareness on collaborations to support the development of a Universal Sustainable Development Agenda in Nigeria. Source Proshare Read More

IFC supports Indorama Port with $73.5m loan - The International Finance Corporation (IFC), a member of the World Bank Group, yesterday announced a $73.5 million loan facility to OIS Indorama Port Limited, to support the development of a multi-purpose port terminal at Onne in Port Harcourt, Rivers State. Source Daily Trust Read More

How to beat Inflation - The June 2016 consumer price index (CPI) released indicates that inflation in Nigeria is not only alive and well, it is growing. This is not a good news for investors generally and retirees in particular. Source Proshare Read More

PROSHARE REGULATORNigerian Stock Exchange Releases its 2016 Sustainability Report, Adopts GRI G4 Reporting Guidleines - The Nigerian Stock Exchange is pleased to announce that it has released its 2016 Sustainability Report titled “Ushering in a new era of sustainability in the Nigerian market place”. Source Proshare Read More

Tadawul Commences The Implementation of The Investors Ownership Disclosure Mechanism - With reference to the announcement by Saudi Stock Exchange (Tadawul) dated 04/07/1437 corresponding to 11/04/2016, and with reference to the follow up announcement dated 28/09/1437 corresponding to 03/07/2016 relating to the Investors Ownership Disclosure Mechanism, Source Proshare Read More

Onboarding Corporates on FMDQ-Advised FX Trading & Surveillance Systems - In furtherance of its efforts in engendering transparency and professionalism in the Nigerian foreign exchange market, the Central Bank of Nigeria (CBN) hereby directs that all FX-related trades by Authorised Dealers (Banks) and Corporate Institutions in the Nigerian FX market, with effect from Monday, August 1, 2016, must be executed through the FMDQ-advised FX Trading, Auction & Surveillance Systems. Source Proshare Read More

Equity market starts week bearish as investors remain cautious - The equities market closed today on a negative note, as NSE ASI depreciated by 0.14% to close at 28,813.51basis points, compared with the 0.51% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.60%. Source Proshare Read More

GTI 5 Weekly Stock Picks - 110716 - Market Review Equity market sheds 0.51% to close the week in the red The Nigerian equity market extended bearish run to Friday, making it the second time out of the two trading sessions observed in the week as result of 'Eid-al-Fitr' break. Source Proshare Read More

Oando Plc Appoints Ikeme Osakwe and Ademola Akinrele as Non-Executive Directors - We write to notify you that pursuant to article 88 of the company’s articles of association, the board of directors (“the Board”) has appointed Mr. Ikeme Osakwe MA (Oxon.) ACA and Mr. Ademola Akinrele SAN as non-executive directors to the Board of the company effective July 8, 2016. Summary for each of the new directors are stated below. Source Proshare Read More

N38bn loss: Oando counters Ernst & Young concern over future - Auditing and services company, Ernst & Young, has raised concerns over the soundness of Oando Plc, stating that the current financial position of the company may cast significant doubts on its ability to continue as a going concern. Source Vanguard Read More

Union Dicon Salt Plc Continues Implementation Of Transformation Strategy; Signs HOA with PNG Gas - In a continuation of its strategic plan to becoming a fully integrated Agro Industrial National champion, Union Dicon Salt has signed a Heads of Agreement with PNG Gas in Delta State to supply gas to its proposed starch processing plant in Umutu in Delta State. Source Proshare Read More

Debt: Court vacates AMCON’s takeover of Jimoh Ibrahim’s firms - A Federal High Court in Lagos on Monday discharged an interim injunction empowering the Asset Management Corporation of Nigeria to take over some assets belonging to Nigerian businessman, Jimoh Ibrahim, over an alleged indebtedness of N50bn. Source Punch Read More

N81bn debt: AMCON to wind down MRS Holdings - The Asset Management Corporation of Nigeria said on Monday that it had initiated steps to wind down MRS Holdings Limited over its inability to repay the N81bn the company owed it. Source Punch Read More

Import duties soar over new forex rules - Duties on shipping business at the ports have shot up astronomically in the wake of the new flexible foreign exchange rate policy of the Central Bank of Nigeria (CBN). Source Guardian Read More

Government saves N139b from new fuel pricing policy - By pegging the price of Premium Motor Spirit (PMS) at N145 a litre, the Federal Government has in the last two months saved about N139 billion from subsidy removal. Source Guardian Read More

Again, Shell shuts 180,000bpd oil export pipeline - Shell Petroleum Development Company of Nigeria Limited on Monday shut the Trans Niger Pipeline, one of the two major pipelines transporting the nation’s reference crude oil grade, Bonny Light, for export. Source Punch Read More

PENGASSAN Shuts Down Kaduna Refinery, Disrupts Fuel Supply - The Kaduna Refining and Petrochemicals Company (KRPC) has been shut down in the aftermath of the strike embarked upon by the Petroleum and Natural Gas Senior Staff Association (PENGASSAN). Source Leadership Read More

NLNG acquires ships for $1.6b to boost maritime trade - Five of the six ships ordered by the Nigeria Liquefied Natural Gas Company (NLNG) Limited have arrived in the country, it has been learnt. Source THE NATION Read More

Gas Price Hike: Aggrieved Motorists Threaten to Shutdown NIPCO’s Stations - Barely few weeks after NIPCO Plc reopened its seven Compressed Natural Gas (CNG) Filling Stations in Benin, Edo State, after they were shutdown for several days by aggrieved motorists in protest against the hike in price of gas, the motorists are threatening fresh showdown with the company Source Thisday Read More

Power supply up by 140Mw - The energy supply from the Nigerian Electricity System Operator (SO) of the Transmission Company of Nigeria (TCN) rose by 140mega watts (Mw) on Saturday, information posted on the website of the Nigerian Electricity Supply Industry (NESI) yesterday indicated. Source THE NATION Read More

Electricity firms push for 100% tariff hike - Power firms are pushing for a fresh 100 percent increase in electricity tariff, the second in six months, Daily Trust investigations have shown. Source Daily Trust Read More

PROSHARE BUSINESSAsian shares rally as Wall Street strikes new record high - Asian stocks rose to a 2-1/2-month peak on Tuesday, a day after Wall Street shares hit a record high thanks to a combination of upbeat U.S. data and expectations of more stimulus from global policymakers. Source Reuters Read More

Japan June wholesale prices fall 4.2 percent year-on-year - The fall in the corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, compares with the median market forecast for a 4.2 percent annual decrease and follows a 4.3 percent annual decrease in May. Source Reuters Read More

May Starts Work to Steady U.K. for Brexit After Promotion - Theresa May now has just two days rather than two months to build a team to rescue the U.K. from its worst political crisis in a generation and begin extricating it from the European Union. Source Bloomberg Read More

Egypt non-oil business activity slows for ninth straight month in June-PMI - Business activity in Egypt shrank for the ninth straight month in June on the back of further declines in output, new orders, and employment, a survey showed on Sunday. Source Reuters Read More

PROSHARE TECHNOLOGYDubai Announces Proposed New Electronic Transactions Law - Dubai International Financial Centre Authority (DIFC Authority) Has Announced For Public Consultation A Proposed New Electronic Transactions Law, DIFC Law No. 2 Of 2016 (“Electronic Transactions Law”) Source Proshare Read More

Mobile Penetration In Sub-Saharan Africa Hits 43% - Sub-Saharan Africa mobile penetration rate has reached 43 per cent as at the end of 2015 as the mobile industry continue to witness more than 7.6 billion mobile connections (representing 4.7 billion unique subscribers) and operator revenues of more than $1 trillion. Source Leadership Read More

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